Apogee Enterprises offers architectural products and services to property owners and builders in the U.S., Canada and Brazil. Its products include framing systems as well as high-performance glass and aluminum designs. The Company also manufactures high-performance glazing products and services for commercial buildings and other large structures.
In the fiscal year ending February 2024, Apogee reported $1.42 billion in total sales, providing $104.11 million in net income or $4.51 in earnings per share. While sales in FY2024 increased compared to the previous year, earnings flat. This was due in part to an increase in the Company’s tax bill. Operations generated $204.15 million in cash flow in the year, representing a sales-to-cash conversation rate of 14.41%. We note that operating cash flow derived primarily from operating profit, while working capital accounts provided $44.31 million. Free cash flow in the year was $160.97 million.
Strong internal cash generation has helped strengthen the Company’s balance sheet. At the end of February 2024, the Company had $37.22 million in cash and equivalents on its balance sheet, more than double the cash reverse as the same time in the previous year. Apogee made net debt payments of $107.85 million in FY2024, leaving the debt-to-equity ratio at 0.88.
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